Why Did Mizuho Upgrade This Biotech Stock Focused On Age-Related Eye Diseases?

  • Mizuho upgraded Unity Biotechnology Inc UBX to Buy from Neutral with a price target of $7, up from $5 after Unity announced longer-term Phase 1 data for UBX1325 in diabetic macular edema (DME) and wet age-related macular degeneration (AMD).
  • Analyst Salim Syed expects some investor sentiment shift to begin at this point for this "underfollowed" stock.
  • He sees "potential greater de-risking" to come with the Phase 2a sham-controlled dataset due in 1H of 2022.
  • Yesterday, Unity announced 24-week data from its Phase 1 single ascending dose (SAD) safety study of UBX1325.
  • Patients with DME in higher dose cohorts showed a mean BCVA gain of approximately 10 ETDRS letters sustained through 24 weeks after a single intravitreal injection.
  • Patients with wet AMD showed improved visual acuity through 12 weeks, supporting the initiation of Phase 2 study in AMD.
  • UBX ended Q3 with cash, cash equivalents, and marketable securities of $88.5 million.
  • Related Link: Unity Biotechnology Stock Falls After Updated Data From Wet AMD Candidate.
  • Price Action: UBX shares are up 25.7% at $3.23 during the market session on the last check Wednesday.
Market News and Data brought to you by Benzinga APIs
Comments
Loading...
date
ticker
name
Price Target
Upside/Downside
Recommendation
Firm
Posted In: BiotechLong IdeasNewsPenny StocksUpgradesHealth CarePrice TargetAnalyst RatingsMoversTrading IdeasGeneralAge-Related Macular DegenerationBriefsDiabetic Macular EdemaPhase 1 Trial
Benzinga simplifies the market for smarter investing

Trade confidently with insights and alerts from analyst ratings, free reports and breaking news that affects the stocks you care about.

Join Now: Free!